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progressing","as_of":"2026-05","as_of_explicit":false,"as_of_raw":"May 2026","source_type":"industry_estimate","comparison":null,"type":"fact","figures":null,"expiry_hint":null,"insight":null},{"id":"c3","statement":"Tokenized funds are functioning as on-chain payment, collateral, and liquidity infrastructure beyond simple investment products","as_of":"2026-05","as_of_explicit":false,"as_of_raw":"May 2026","source_type":"journalist_analysis","comparison":null,"type":"fact","figures":null,"expiry_hint":null,"insight":null},{"id":"c4","statement":"Substantial market formation is possible only when digitization of assets and digitization of money are connected","as_of":"2026-05","as_of_explicit":false,"as_of_raw":"May 2026","source_type":"government_official","comparison":null,"type":"opinion","figures":null,"expiry_hint":null,"insight":{"analyst_name":"이강일","analyst_affiliation":"더불어민주당","confidence":"medium","forecast_horizon":"medium_term","sentiment":"neutral","reasoning":"Building institutions and infrastructure that make technology work in the market is the core of competition"}},{"id":"c5","statement":"After STO legislation, the most important question is not 'has it been issued' but 'can we create a market where actual transactions take place'","as_of":"2026-05","as_of_explicit":false,"as_of_raw":"May 2026","source_type":"industry_estimate","comparison":null,"type":"opinion","figures":null,"expiry_hint":null,"insight":{"analyst_name":"김지원","analyst_affiliation":"KB증권","confidence":"high","forecast_horizon":"medium_term","sentiment":"neutral","reasoning":"Structural limitations exist in the non-standardized asset-based STO 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